362.2 -804 Power of general partner and person dissociated as general partner to bind partnership after dissolution. (1) A limited partnership is bound by a general partner's act after dissolution which: (a) Is appropriate for winding up the limited partnershi p's activities; or (b) Would have bound the limited partnership under KRS 362.2 -402 before dissolution if, at the time the other party enters into the transaction, the other party does not have notice of the dissolution. (2) A person dissociated as a gener al partner binds a limited partnership through an act occurring after dissolution if: (a) At the time the other party enters into the transaction: 1. Less than two (2) years has passed since the dissociation; and 2. The other party does not have notice of the dissociation and reasonably believes that the person is a general partner; and (b) The act: 1. Is appropriate for winding up the limited partnership's activities; or 2. Would have bound the limited partnership under KRS 362.2 -402 before dissolution and , at the time the other party enters into the transaction, the other party does not have notice of the dissolution. Effective: July 12, 2006 History: Created 2006 Ky. 62.2 -402 before dissolution and , at the time the other party enters into the transaction, the other party does not have notice of the dissolution. Effective: July 12, 2006 History: Created 2006 Ky. Acts ch. 149, sec. 152, effective July 12, 2006.
Kentucky Legal Code